“Ether, Solana, and XRP Mainten Relative Stronger Positions.”, – WRITE: www.coindesk.com
Bitcoin’s (BTC) Technical Outlook Has Deteriorated Over The Past 24 Hours, with Prices Droping Below a Key Moving AVERAGE for the FIRST TIME SINCE April. This Breakdown Has Left Btc at A Disadvantage Compared to Majoor Tokens Such As Ether (ETH), XRP, AND SOLANA SOL$ 188.98.
BTC HAS DROPED OVER 1% IN THE PAST 24 HOURS, HITTING A LOW OF $ 109,172 AT One Point.
In the Process, The Cryptocurrency Has Convincingly Dipped Below The 100-Day Simple Moving AVERAGE (SMA), A widly tracked Momentum Indicator and Support/Resistance Line, for the FIRST.
Further, prices have crossed Below the Ichimoku Cloud, Indicating A Bearish Shift in Momentum.
The Dual Breakdown Has Bolstored the Bearish Technical Outlook Suggested by the Recent Violation of the Upward-Sloping Trendline from the April Lows and the Consuctive Negativ Prins. Taken Together, The Recent Pattern Looks Similar to the February Breakdown That Set The Stage for a Deteper Sell-Off To $ 75k.
BTC’s Daily Chart. (TradingView/Coindesk)
The Next Key Level to Watch Out for Is $ 105.390, Which Is The 38.2% Fibonacci Retracement of the April-July Rally, Followed by the 200-Day Sma at $ 100.928.
The Bulls Need to Overcome the Lower High of $ 117.416 Created On Aug. 22 to Negate the Bearish Technical Setup.
- Resistance: $ 111.592, $ 117.416, $ 120,000
- Support: $ 105.390, $ 100.928, $ 100,000.
XRP, Eth and Sol Hold GroundWhile bitcoin have been suffered the Dual Breakdown, XRP Continues to Trade Above Its 100-Day SMA. However, prices are “Stuck in the Ichimoku Cloud,” Wichmeans the token is Trading Within a Zone of Uncertainty and Consolidation WHERE Neuther Bulls Nor Bears Area. IT Suggests Indecision and Lack of A Strong Trend.
Meanwhile, Ether and Sol Continue to Trade Above Their Respect 100-Day Smas and Ichimoku Clouds. Therefore, a potential risk-on could see broth and sol outperform btc and xrp.
Eth, Sol, Xrp Daily Charts. (TradingView/Coindesk)
Read More: Massive $ 14.6b Bitcoin and Ether Options Expiry Shows Bias for Bitcoin Protection
Omkar Holds A Master’s Degree in Finance and A Charterred Market Technician (CMT) Designation.
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The Impending Expiry Shows A Strong Demand for Bitcoin Put Options, Indicating A Preference for Downside Protection,
- Bitcoin and Ether Options WORTH Over $ 14.6 Billion Are Set to Expire Friday, Marking A Significant Event in the Derivatives Market.
- The Expiry Shows A Strong Demand for Bitcoin Put Options, Indicating A Preference for Downside Protection, While Ether Options Are More Balanced.
- The Options Market Has Grown Significantly Since 2020, with Max Pain Levels for Bitcoin and Ether at $ 116,000 and $ 3,800, Respectively, Being Key Focal Points.
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